Danish buy now, pay later (BNPL) company ViaBill has secured $120m in an equity and debt financing round, which it will use to support its expansion plans.
The product has already been introduced in Denmark, Spain and the US.
ViaBill plans to use the proceeds from the funding to expedite the installation of this solution.
ViaBill CEO and co-founder Jan Lytje-Hansen said: “We see huge demand for BNPL that isn’t limited to online stores – 80% of our consumers’ spending happens offline.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below formBy GlobalData
“We solved this. Consumers around the world can download the ViaBill app, enter a limited set of data and have ViaBill’s advanced credit decision engine immediately evaluate their creditworthiness.
“If successful, a virtual credit card is issued on the spot, which the consumer can push to their wallet and use to pay as usual.
“It’ll be interesting to see if offline BNPL will disrupt the payment mechanisms as rapidly as we’ve seen in the online space.”
ViaBill tested the shopping behaviour of roughly 11,000 consumers in the previous quarter and found a huge growth in BNPL transactions.
The company offers BNPL solutions, which allow payments to be split into instalments and paid back over time without interest, to merchants and shoppers.
It is supported by venture capital firms Headline and Blackfin.
ViaBill’s latest funding round was led by UK-based alternative asset management firm Fasanara Capital.
Fasanara Capital CEO and co-founder Francesco Filia said: “Consumers of today want convenience and flexibility when they shop online and offline and, at Fasanara Capital, we want to support leaders in this space”.